Newly-listed lightbulb company reports loss
Energy Mad has reported a loss of $300,000 in the half year to September 30. Shares have slid since its IPO.
Energy Mad [NZX:MAD] has reported a loss of $300,000 in the half year to September 30.
The NZX-listed lightbulb developer and manufacturer, which raised $5 million through its initial public offering in October, said the half year result was in line with its projected results.
A statement on the NZX website said the loss was due to cash constraints, which delayed the placement of large Australian Ecobulb orders.
Energy Mad has forecast a large revenue ramp-up in the second half of 2012, based on the money it raised through the IPO, which would help it deliver its full year financial projections. That was the primary reason Energy Mad undertook its IPO, the statement said.
Discussions are advanced with several large United States electricity utilities to implement Ecobulb projects, it said, following a recent visit to the United States by managing director Chris Mardon.
Energy Mad has recently developed working prototypes of a new Ecobulb downlight, using what it has described as innovative tube technology.
The new downlight is a direct replacement for inefficient halogen and incandescent downlights, of which there are hundreds of millions in New Zealand, Australia and Europe.
This new Ecobulb downlight uses only 20% of the electricity of the downlights it replaces, has a very long life, and will be less expensive than competing products, the statement said.
Energy Mad shares have slipped from $1 to 85c since the company's IPO. Trading has been thin.
Colin Williscroft
Thu, 17 Nov 2011
Thu, 17 Nov 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Newly-listed lightbulb company reports loss
17878